Fintech Company Dave Drives Hedge Fund’s Impressive Returns in May

Whetstone Capital Advisors, LLC is a value-focused investment firm that specializes in identifying strong businesses within growing sectors, particularly in technology, payments, and media. Founded in 2010 and based in Kansas, the company employs a research-intensive investment process to detect businesses with discernible competitive advantages[1][4][7]. Their investment strategy is centered on maintaining a concentrated long portfolio of 15-20 high conviction ideas, alongside a more diversified short portfolio that includes both standalone shorts and hedges against long positions[1]. **Key Aspects and Achievements:** - **Investment Approach:** Whetstone Capital focuses on sectors benefiting from secular growth, emphasizing software, payments, internet technology, and media. This strategic focus allows them to navigate dynamic market conditions effectively[1][4]. - **Portfolio Holdings:** The firm's top holdings include notable tech companies like Cloudflare, Inc., Dave Inc., Alphabet Inc., monday.com Ltd., and Amazon.com, Inc.[2]. They have also recently added positions in Health Catalyst, Inc., Five9, Inc., and Zeta Global Holdings Corp.[2]. - **Leadership:** David Atterbury, the Portfolio Manager and Managing Partner, brings extensive experience from roles at DS Advisors and Brown Brothers Harriman. Andrew Carlson, an Investment Partner, has been integral to the team since 2011[1]. **Current Status:** Whetstone Capital Advisors continues to manage a significant portfolio, with recent SEC filings indicating a total of 28 holdings and a portfolio value of approximately $226,326, though the actual Assets Under Management (AUM) is higher when including cash holdings[2]. Their activities are regulated by the SEC, ensuring compliance with investment standards[6]. **Notable Aspects:** - **Sector Focus:** Their specialization in tech and media sectors positions them well for growth in these rapidly evolving industries. - **Research Intensity:** The firm's emphasis on thorough research underscores their commitment to identifying businesses with sustainable competitive

The S&P 500, officially known as the Standard & Poor’s 500, is a revered stock market index tracking the performance of 500 of the largest publicly traded companies in the United States[1]. Managed by S&P Dow Jones Indices—a joint venture majority-owned by S&P Global—the S&P 500 is widely recognized as a leading barometer of the U.S. stock market and, by extension, the broader economy[1][7]. It accounts for roughly 80% of the total market capitalization of U.S. public companies, with an aggregate value exceeding $57 trillion as of August 2025[1]. The index is weighted by market capitalization, meaning larger companies exert a greater influence on its movements[1][2]. Its top holdings include tech giants like Nvidia, Microsoft, Apple, and Alphabet, which together represent a significant portion of the index’s total value[1]. ## History and Evolution The S&P 500 traces its origins to 1923, when the Standard Statistics Company (later becoming Standard & Poor’s) launched an index of 233 companies[3]. In 1957, it expanded to include approximately 500 companies, formalizing the structure familiar today[3]. Over the decades, the index has evolved into a cornerstone of global finance, reflecting the dynamism of the U.S. economy and the rise of sectors like technology, healthcare, and consumer goods. ## Purpose and Impact The S&P 500 serves multiple critical roles: it is a benchmark for investment portfolios, a basis for passive index funds and ETFs, and a key input for economic forecasting tools like the Conference Board Leading Economic Index[1][6]. For companies, inclusion in the S&P 500 is prestigious and financially impactful, often triggering significant buying activity as funds tracking the index adjust their holdings[2]. For investors, the index offers a convenient, diversified exposure to the U.S. equity market through index funds and ETFs[4

**Dave Inc. Overview** Dave Inc., founded in 2017 by Jason Wilk, John Wolanin, and Paras Chitrakar, is a Los Angeles-based financial technology company. It is known for offering innovative mobile banking solutions designed to make personal finance easier and more accessible. The company's flagship product is the Dave app, which provides users with tools to manage their financial lives more effectively. **History and Key Achievements** Dave was created to address common financial challenges faced by individuals, such as overdraft fees and lack of access to cash when needed. Since its inception, Dave has grown significantly, helping over five million members access instant cash through its ExtraCash feature. This feature allows users to receive up to $500 in minutes with no interest or late fees, provided they connect a bank account and open a Dave Checking account. **Current Status** Currently, Dave offers a range of financial services, including the Dave Checking account, which allows users to control spending, budget, and deposit money. Users can also receive their paychecks up to two days early through direct deposit. Additionally, Dave provides a Goals account with a high annual percentage yield (APY) of 4.00%, enabling users to save money effectively. The company also supports side hustles by offering over 1,000 ways to earn extra income through surveys and job listings. **Notable Aspects** - **Financial Accessibility**: Dave focuses on making financial services accessible without hidden fees, such as minimum balance fees or ATM fees. - **Security**: Accounts are FDIC-insured up to $250,000, ensuring users' funds are secure. - **Innovation**: The company's approach to financial technology aims to simplify financial management and provide quick access to cash, making it a leader in the fintech space. Overall, Dave Inc. is a pioneering fintech company that has made significant strides in making personal finance more approachable and cost-effective for millions of users.

GameStop Corp., founded in 1984 as Babbage's and rebranded in 1999, is a global retailer specializing in video games, consoles, accessories, and collectibles. It went public in 2002 and traditionally operated through a vast network of brick-and-mortar stores. As of February 2025, GameStop maintained 3,203 stores worldwide across the U.S., Canada, Australia, and Europe, underscoring its significant physical retail presence despite the digital shift in gaming distribution[1]. Historically, GameStop's business model relied heavily on high-margin sales of new and pre-owned video games. However, the rise of digital platforms like PlayStation Network, Xbox Live, and Steam, along with the COVID-19 pandemic accelerating e-commerce trends, challenged this model. In response, GameStop has embarked on a strategic transformation to become a technology-centric, multichannel retailer. The company is diversifying into e-commerce, private label products, collectibles, and digital offerings, aiming to adapt to evolving consumer behaviors and industry trends[1]. Financially, GameStop has demonstrated a strong turnaround under CEO Ryan Cohen, with improved margins and profitability. For example, Q1 2025 reported sales of $732.4 million and net income of $44.8 million, a significant improvement from a loss in the prior year. The company holds approximately $8.7 billion in cash and marketable securities, including $529 million in Bitcoin, reflecting a robust balance sheet with minimal leverage. High-margin categories like collectibles and pop-culture merchandise now contribute more revenue than traditional game sales. GameStop also actively engages its core audience through events, such as a Pokémon distribution in late 2025, which boosted in-store traffic[2][3][4]. GameStop is widely known as the quintessential "meme stock," having captured the attention of retail investors and institutional players alike, particularly since 2019, with its stock experiencing volatile yet remarkable gain

## Overview AMC Entertainment Holdings, Inc. (AMC Theatres) is the world’s largest movie theater chain, headquartered in Leawood, Kansas[1][2]. The company operates approximately 900 theaters and 10,000 screens globally, making it the dominant force in theatrical exhibition across the United States and internationally[2]. AMC is publicly traded on the New York Stock Exchange under the ticker symbol AMC and is classified within the media and entertainment sector[1][2]. ## History and Growth Founded in Kansas City, Missouri in 1920, AMC has grown from a regional player to a global industry leader. The company’s expansion accelerated significantly in 2016 with the acquisitions of Odeon Cinemas, UCI Cinemas, and Carmike Cinemas, which solidified its position as the largest theater chain worldwide[1]. For much of the 2010s, Chinese conglomerate Wanda Group held a majority stake, but ownership became more diversified after financial maneuvers during the COVID-19 pandemic, which saw Wanda’s influence wane as new investors took larger positions[1]. ## Key Achievements and Innovations AMC has consistently driven innovation in the moviegoing experience. The company introduced Signature power-recliner seats, expanded food and beverage offerings, and developed robust loyalty and subscription programs to enhance guest engagement[2]. AMC also pioneered premium large-format screens (such as IMAX and Dolby Cinema) and has embraced digital transformation through user-friendly websites and mobile apps[2][3]. In 2023, the “Barbenheimer” phenomenon—the simultaneous release of “Barbie” and “Oppenheimer”—propelled AMC to its highest single-week admissions revenue in company history[1]. ## Current Status and Notable Aspects Despite challenges from streaming services and the pandemic, AMC remains a resilient industry titan, continually adapting to shifting consumer preferences. The company’s ability to attract both block